1)Product costing in a manufacturing firm is the process of:

accumulating the company's period costs.

allocating costs among the firm's departments.

placing a value on the company's fixed assets.

assigning costs to the firm's inventory.

assigning costs to the company's managers.

2)Which of the following types of companies would most likely use process costing?

Aircraft manufacturers.

Textile manufacturers.

Textbook publishers.

Custom-machining firms.

Shipbuilders.

3)When using normal costing, the total production cost of a job is composed of:

direct material and direct labor.

direct material, direct labor, manufacturing overhead, and outlays for selling costs.

direct material, direct labor, manufacturing overhead, and outlays for both selling and administrative costs.

direct material, direct labor, and applied manufacturing overhead.

direct material, direct labor, and actual manufacturing overhead.